Joined hands with IIBI for information sharing
The Insurance Information Bureau of India
(IIBI) maintains a central repository of all the
policies of participating insurance companies.
The information is maintained at an individual
policy level and includes personal details of
lives insured (LA). We are the first company
to have an Application Programming Interface
(API) integration with IIBI and we receive this
information directly on real-time basis, as and
when we seek it. This enables us to provide
customers with accurate and quality services.
Used analytics to enable better engagement
We are deploying data analytics tools to derive
valuable insights on our customers to serve
them better. During the year under review,
we sent over 10 lakh hyper-personalised
communication for building awareness
Reduced grievances from
27 to 26 per 10,000 policies
Used of WhatsApp for various communications
We initiated communication through
WhatsApp to disburse information on various
events starting from the on-boarding stage.
Currently, we are sending communication
is sent on events such as proposal login,
requirements raised, policy issuance, policy
dispatch, downloading of e-policy document
and intimation on return undelivered.
16 lakh customers opted
for WhatsApp services
Expanded policy dispatch process through
private couriers
Non-receipt of policy bonds was one of the key
customer concerns and on an average constituted
about 0.13% of our total policies dispatched.
These policies were being returned undelivered.
To address this issue, in November 2019, we tied
up with local couriers to deliver the policies in
major metros such as Mumbai and Delhi and their
satellite cities such as Thane, Navi Mumbai and
NCR on a pilot basis.
SOCIAL
ENABLINGAN INCLUSIVE WORLD
It is our strong belief that organisations that work actively to drive overall development and well-being of their communities go a long way in becoming truly sustainable. We have a two-fold approach to community initiatives - one is to provide bespoke insurance solutions to the unorganised sector (including economically backward communities) and two is to work closely with our communities in key focus areas around Corporate Social Responsibility (CSR).
MATERIAL ISSUES
Partnering in community development
Addressing various social issues
Environment protection
Support to various schemes of the government and regulators
DEMOCRATISING LIFE INSURANCE PRODUCTS
24.61
21.25
23.74
16.07
3.13
3.50
0.04
6.23
11.58
0.09
We have identified education, healthcare, rural development and disaster relief as our key CSR focus areas across all locations of our operations.
FOCUS AREA
INITIATIVES UNDERTAKEN DURING FY20
Education
36,000+
Student beneficiaries across 15 states in India
Healthcare
46,000+
Beneficiaries across 14 states in India
Disaster relief
31,000+
Beneficiaries across disaster-hit states
CELEBRATING MERITIN DIVERSITY
Our people are pivotal to achieving our business objectives as well as fulfilling social responsibilities. We are committed to providing them with a host of opportunities, upskilling avenues, a merit-based work culture and a healthy work-life balance. Our best-in-class people policies as well as continuous employee engagement activities enable us to attract and retain the best talent in the industry.
MATERIAL ISSUES
Regular trainings and career development activities for our people
We also support our people during their crucial life events through sabbatical leave, maternity and paternity leave, child adoption leave and study leave, which allow them to prioritise professional and personal life effectively.
At SBI Life, we promote a culture of diversity and inclusion. Our workforce comprises people across different age groups, background, skill sets and educational qualifications, among others
To promote collaboration and a sense of belongingness, we drive employee engagement through various team events such as off-site meet, team dinner and our annual day event ‘Sangam’ where employees and their families come together and join in the celebrations.
36 yrs
Average age
4.7 yrs
Average tenure
15.9%
Women employees (as a % of total workforce
EMBRACING DIVERSITY
Age summary
Educational qualifications
REWARDING OUTPERFORMERS
We have adopted a well-defined, objective rewards and recognition policy to identify and further motivate the best performing people across our organisation. Our performance management system, LEAP (Leading through Excellence and Performance) is based on a balanced scorecard approach. This tool provides a framework for setting clear expectations, providing positive feedback and delivering an effective performance assessment, where the rewards are directly linked with the Company’s overall dashboard performance.
In FY19, we introduced Employee Stock Options (ESOPs) to reward high-performing employees and aligned their interests with those of the organisation. Besides rewarding deserving individuals, ESOPs also act as an effective employee retention tool.
During FY20, we granted 9,59,350 ESOPs
to eligible employees, which will vest over
a period of three years, subject to
achievement of certain performance
criteria.
LEARNING AND DEVELOPMENT
Throughout the year, we undertake holistic training and upskilling programmes to groom the future leaders within our Company. These activities are conducted by our in-house training team of over 250 people. We have also joined hands with consultant trainers, reputed training service providers, leading B-Schools and institutions to ensure skill and knowledge enhancement of our employees and distributors.
One such initiative is the Individual Development Plan (IDP) wherein we conduct customised personal development sessions to enhance the strategic thinking, capability building and execution excellence skills of our people. We also provide cross-functional exposure to multi-skill them and identify and develop strong and credible leadership.
These people practices create a workforce that is more flexible and efficient in responding to customer needs and market demands. Such exposures ensure that an individual taking on a new role also has the requisite skillsets to handle it.
Life Mitra (LM) training coverage (%)
Trained 3 times & more
Trained twice
Trained once
Non-trained
CIF training coverage (%)
Employee training coverage (%)
Trained
Non-trained
IN STEP WITH CUSTOMERASPIRATIONS
At SBI Life, we engage closely with our customers to understand their expectations and evolve our solutions and services accordingly. Team SBI Life dons multiple hats to create superior value for its customers. While we de-jargonise and simplify our products to help our customers make well-informed decisions based on their needs, we also provide solicited advice on the suitability of products.
In FY19, we started the Net Promoter Score (NPS) index to measure customer loyalty and benchmark our services with the best. This index acts as a guide to the requisite changes and areas of improvement. At the end of FY20, our NPS score stood at 29. We will continue to deploy this tool and achieve further improvement on this front.
MATERIAL ISSUES
Quick and easy processing of claims and faster response to customer queries
Providing costeffective, innovative insurance products
Data privacy and information security
Adoption of strong corporate governance, transparency and ethics
Effective management of regulatory changes
PROMINENT CUSTOMER-FOCUSED INITIATIVES UNDERTAKEN IN FY20
Joined hands with IIBI for information sharing
The Insurance Information Bureau of India (IIBI) maintains a central repository of all the policies of participating insurance companies. The information is maintained at an individual policy level and includes personal details of lives insured (LA). We are the first company to have an Application Programming Interface (API) integration with IIBI and we receive this information directly on real-time basis, as and when we seek it. This enables us to provide customers with accurate and quality services.
Used analytics to enable better engagement
We are deploying data analytics tools to derive valuable insights on our customers to serve them better. During the year under review, we sent over 10 lakh hyper-personalised communication for building awareness
Reduced grievances from 27 to 26 per 10,000 policies
Used of WhatsApp for various communications
We initiated communication through WhatsApp to disburse information on various events starting from the on-boarding stage. Currently, we are sending communication is sent on events such as proposal login, requirements raised, policy issuance, policy dispatch, downloading of e-policy document and intimation on return undelivered.
16 lakh customers opted for WhatsApp services
Expanded policy dispatch process through private couriers
Non-receipt of policy bonds was one of the key customer concerns and on an average constituted about 0.13% of our total policies dispatched. These policies were being returned undelivered. To address this issue, in November 2019, we tied up with local couriers to deliver the policies in major metros such as Mumbai and Delhi and their satellite cities such as Thane, Navi Mumbai and NCR on a pilot basis.